No its not.
Not even close.
Yea the 778 point drop in the Dow is terrible, its even the biggest point drop ever according to CNN.
But that sure as heck doesn’t mean we are headed for another great depression.
Consider this, while the 778 point loss is the biggest point loss in history it is only about a 7% loss. Compare that to the stock market crash of 1987 where there was a 508 point drop which accounted for a massive 22.6% loss and there was no long drawn out depression which followed that incredible crash was there?
But, even beyond the crash of 87, today’s crash is relatively small in comparison with other market troubles of the past. After all, the 7% dropped we encountered today is only the 17th biggest drop of all time. This isn’t something that should keep you up at night, at least not as it stands now. Especially since this will most likely be sorted out in less than a week.
We should all know what is going to happen by now. It’s really quite simple and foreseeable. There will be news that another bailout bill is on the way, in fact there already is news of that, and the markets will regain some, if not a large amount, of their losses back. The bill will eventually pass since it doesn’t truly benefit either party to let these problems linger and that will reassure the markets and they will stabilize. Things won’t be good but they will be bearable again.
UPDATE: Oh look… the world isn’t coming to an end. Oh hey… what’s this? A stabilizing rebound of over 300 points? Who could’ve seen that coming?
So it seems that Barack Obama’s master plan to text all of his adoring obamatons with his vice presidential pick before anyone else was a complete and total failure (a lot like the pick itself). Yes, you heard it right, the plan heralded by “unbiased” reporters and preteens alike took a turn for the worst last night.
Yup apparently supporters who signed up for the special texts were not the first to be notified, despite the promise from the Obama campaign, and not by a long shot.
Some of the first reports in the media came around 11pm on the east coast and the conformations came to the media around 1am. So what time did the loyal supporters get their special notifications? 3am on the east coast… 3am, yea… great job picking a time to notify people who, at least for a while, liked you. (Even my little sister doesn’t text me at that time)
In case you didn’t take the time to do the math thats a full 2 hours after everyone else in the world already knew. Well, so much for that idea.
It’s too bad the wait is over though. It was getting awfully fun watching all the “professional” “journalists” fawning over their cell phones and waiting for what one can only imagine is their first text message (and one from their most favoritest bff ever none the less) as though they had discovered a sort of electronic botox or the 21 centuries fountain of youth.
UPDATE: Looks like the gaffe machine is up and running for Obama-Biden ’08…
UPDATE: Obama failure made even bigger in contrast to McCain’s VP roll out
UPDATE: 3am text… is it a possible Kennedy-like response to Hillary 3am ad? You know… ask not who can answer the phone for you at 3am – ask who you can answer the phone for at 3am.